Trusts

There are four “Advance Directives” that everyone should have. These are a Power of Attorney, a Health Care Power of Attorney, a Living Will (also know as a Directive for a Natural Death) and a HIPAA Authorization and Release.

A Power of Attorney gives the person you appoint the power to take actions in your best interest regarding your person and/or your money and property. A Power of Attorney can either be durable (terminates at death) or for a limited time, purpose and/or authority.

A Living Will is a document that expresses your intent as to whether you want your life artificially prolonged in the event of a terminal condition or a persistent vegetative state.

A Health Care Power of Attorney gives the person you name as your “Health Care Agent” the power to act on your behalf with regard to your health care when you are unable to express your own wishes.

Although these documents are very similar, the difference is the person who makes the medical decisions.

The Living Will instructs your physician to provide or withhold artificial nutrition, hydration and other mechanical life support. Your Health Care Power of Attorney appoints another individual, usually a spouse, to make your health decisions if you are unable..

The HIPAA Authorization and Release provides a general authorization and release to named individuals to access anywhere your protected healthcare information.

Estate Planning works hand in hand with Elder Law Planning. When you focus on the critical issue of planning and paying for health care, especially long-term care, your estate plan will inevitably benefit. Money and other assets that would have been depleted remain available for your spouse and heirs.

At your death assets that are held in your name only cannot be distributed to beneficiaries or heirs without a court proceeding. If you have a will, that process is called probate. If you don’t have a will, your estate will be distributed to your legal heirs in a process called administration. Trusts, joint ownerships, and beneficiary designations avoid the need for court involvement in your estate.

Estate and Elder Law planning often involves the sale or transfer of your assets in order to gain eligibility for Medicaid and Veteran Benefits. Such transactions may have tax and other consequences, which should be evaluated before any action is taken. My services include careful analysis and guidance regarding tax issues.